Gold slips as oil, bond yields climb on waning US-Iran peace hopes
GLD•Other precious metals also decline
Among other metals, spot silver XAG= slipped 1.3% to $64.94 per ounce, platinum XPT= lost 1.5% to $1,742.70 per ounce and palladium XPD= dipped 1.5% to $1,313.96.
Gold eases as oil and Treasury yields rise
Gold prices slipped on Tuesday after two straight sessions of gains as oil prices jumped on prospects for the Middle East crisis being protracted, fanning inflation and driving a rally in U.S. Treasury yields.
Spot gold XAU= eased 0.5% to $4,391.77 per ounce by 0915 GMT, while U.S. gold futures GCcv1 for December delivery dropped 0.6% to $4,447.30 per ounce.
"Gold is correcting on a combination of traditional headwinds coupled with some profit-taking after strong gains," said independent analyst Ross Norman.
A protracted Middle East crisis would feed into higher inflation possibilities and by extension, a firmer dollar and Treasury yields, Norman said.
